On January 22, 2024, Turtle Creek Asset Management Inc. announced that it has issued an open letter to the board of directors of Gildan Activewear Inc. In the letter, Turtle Creek Asset expressed that the Company Board appears intent on denying shareholders their right to vote. Turtle Creek stated that it urged the Company Board to end their destructive PR Campaign. In addition, Turtle Creek requested that members of the board, do the right thing call the meeting without delay and allow the shareholders, the owners of the Company, to exercise their statutory rights to vote for their representatives.

Further Turtle Creek expressed that the Company has a legal and moral responsibility to act as independent fiduciaries for shareholders, even when those shareholders disagree with the Company and seek to have the Company replaced. Turtle Creek expressed that there is still time to change course and preserve the Company professional reputations.